EMPF PLATFORM TO LAUNCH NEXT MONTH

The Mandatory Provident Fund Schemes Authority today announced that the eMPF Platform will be launched on June 26.

At a media briefing, the authority’s Chairperson Ayesha Macpherson Lau said that the platform will reduce the administration costs of MPF schemes, directly benefiting scheme members through fee reductions.

She highlighted that the user-friendly platform enables employers to handle administration tasks electronically, saving manpower and time while also enhancing efficiency and averting human errors.

Every employee will have only one eMPF account. They can view the MPF balances of their schemes under different trustees clearly via this single account. Currently, the process of consolidating different MPF accounts usually takes up to between two and three weeks, but after all MPF schemes get onboard the platform, the process time will be shortened by half.

Following the schemes’ onboarding to the platform, the current systems administered by trustees will be gradually replaced by it.

The first two MPF trustees to join the platform – YF Life Trustees and China Life Trustees – will be onboarded on June 26 and July 29, respectively. The remaining MPF schemes will join the platform in ascending order of the value of MPF assets under management by the trustees. All schemes are expected to complete onboarding by the end of next year.

The authority’s Managing Director Cheng Yan-chee called for the co-operation of employees and employers throughout the 18-month onboarding schedule and reminded them to pay close attention to important information in communication packs sent by their trustees.

Mr Cheng advised that scheme members and employers should wait for their schemes to get onboard the platform before registration.

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